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Diasti brothers go on Coast Dental stock buying spree

The family that runs Coast Dental Services Inc. and controls most of its stock went on a buying spree recently.

Brothers Terek, Adam and Tim Diasti, shareholders in Diasti Family Limited Partnership, increased their ownership in the Tampa dental practice management company to more than 60 percent, up from 50 percent, during the first few days of September.

In a series of trades starting right after Labor Day, the partnership spent close to $2-million buying Coast Dental at prices ranging from just under $5 to nearly $8 a share on the open market. The Diastis' buying attracted interest: By the third day, volume in Coast Dental stock was more than 400,000 shares. Average trading over the past three months has been about 18,000 shares daily. The stock closed Friday at $7.69, up 33 cents.

It's no secret Coast Dental chief executive Terek Diasti and company president Adam Diasti want to own the company outright. In February, Coast Dental's board said it wanted to take the company private and offered $4.50 per share to outside shareholders. Most investors snubbed the offer as too low and the self-tender offer expired.

With any luck, some of those same shareholders sold their stock to the Diastis last week for considerably more.